Credence Research forecasts biometrics in healthcare market growth
The global healthcare biometrics market will grow at a CAGR of 22.9 percent to surpass $13.9 million in revenue in 2025, according to a new report from Credence Research.
“Healthcare Biometrics Market – Growth, Future Prospects, and Competitive Analysis, 2017-2025” examines staff and patient identification solutions, and predicts that home and remote patient care, care provider authentication, patient tracking within healthcare facilities and prescription dispensing will be the key areas of demand during the forecast period.
Demand is increasing for optimum certainty in patient identification to reduce healthcare fraud while protecting patient data privacy and security, the report finds. In combination with increasing concern about cybersecurity, this is driving growth in the use of IT applications for healthcare, as well as the development and deployment of biometric technologies catering to the healthcare industry.
The report breaks down the healthcare biometrics market by technology, application, usage area, and geography.
North America and Europe currently represent 70 percent of the global healthcare biometrics market, in large part due to increasing fraud, but the report predicts the fastest growth in the Asia Pacific and Latin America regions, as healthcare infrastructure is improved, new facilities are established, and governments seek to secure and organize their healthcare systems.
Current prominent global market players in healthcare biometrics identified by the report include BIO-key International, TOC Biometrics, Princeton Identity, Inc., BioConnect, NEC Corporation, Crossmatch Technologies, Inc., NuData Security, Inc., FST Biometrics Corporation, HID Global Corporation, Iris ID Systems, Inc., and MorphoTrak, Inc. Niche players have also emerged with developments in DNA biometrics and behavioural recognition technologies, according to the report.
Biometrics will continue to drive technological transformation within the global healthcare market to provide meaningful cost savings through fraud reduction and increased workplace efficiency, while simultaneously improving and expanding care delivery to patients over the long term.